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Accounts - Principles of Accounts 2016 WAEC Past Questions

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41

The transfer of money from one sub-head to another in the public sector is

  • A. Budgeting
  • B. Allocation
  • C. Virement
  • D. Vote
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42

The total of the discounts received column in the three column cash book is?

  • A. Debited to discounts received account
  • B. Credited to discounts received account
  • C. Debited to discounts allowed account
  • D. Credited to discount allowed account
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43

Which of the following expenses is apportioned between departments based on sales?

  • A. Discount received
  • B. Electricity
  • C. Carriage inwards
  • D. Carriage outwards
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44

In the purchase of a business, a buyer has paid more than the value of the net assets of the business. The excess payment is referred to as

  • A. Bonus
  • B. Goodwill
  • C. Net profit
  • D. Premium
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45

Assets which are readily convertible into cash are termed as

  • A. Liquid assets
  • B. Fixed assets
  • C. Intangible assets
  • D. Tangible assets
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
Download WAEC May/June App - Get all past questions and answers, 100% offline - 43208